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Party City Sees Continued Delays
In Release of 1998 Audit Report

a Wall Street Journal Staff Reporter

Updated May 7, 1999 1:10 a.m. ET

ROCKAWAY, N.J. -- Party City Corp., which has already delayed reporting 1998 results because of accounting "difficulties," says its outside accounting firm deems it "unlikely" that it can issue an audit report on the company's year-end financial statements.

The party-supply company said "difficulties associated with determining its inventory position" delayed the audit. The company said its outside accountants won't know if they can issue a report until the inventory is complete.